Published Date : 14 Jul 2023
The global nerve repair and regeneration market size reached USD 10.87 billion in 2022 and is projected to hit around USD 24.9 billion by 2030, growing at a CAGR of 10.92% during the forecast period from 2022 to 2030.
The market for nerve regeneration and repair is now gaining traction as more people embrace contemporary lifestyles and develop diseases like diabetes and high blood pressure. The nervous system, which links the brain and spinal cord to the body's skin and muscles, is made up of the spinal cord, the brain, and peripheral nerves. The nerves may be damaged in motor vehicle accidents by either blunt trauma, like the impact from a fall or acute trauma, traction injury, like a knife cut. Impulses travelling to and coming from the brain can be stopped by nerve injury. Surgical nerve repair involves both examining the injured nerve and removing diseased tissue from the nerve terminals. To restore the nerves to their original state by surgical procedures, items for nerve repair and regeneration are used. The neurological disorders and the sharp increase in the occurrence of peripheral nerve injuries are the key growth drivers of this market.
The brain, spinal cord, and peripheral nerves—complex components that make up the nervous system—are vulnerable to a variety of injuries, from trauma to neurodegenerative disorders including Parkinson's disease, Alzheimer's disease, and amyotrophic lateral sclerosis. The communication between the brain and muscles and organs can be hampered by these nerves' fragility and susceptibility to injury. Biomaterials, neuro-stimulation, and neuro-modulation devices are all a part of the market for nerve and regeneration goods. Because of how fragile and easily damaged they are, nerves are repaired and generated utilising techniques like nerve grafting, direct repair, and others to approximate the ends of the damaged nerves.
Comparing it to its competitors, North America maintained a commanding market share of 33% in 2021. It is due to the increased prevalence of neurological disorders and the favourable health insurance condition in the area. The presence of cutting-edge technology is a significant factor in this region's dominance. The number of Americans living with Alzheimer's disease is fast rising, according to the Alzheimer's Association. In 2019, more than 5 million Americans of all ages were impacted by Alzheimer's disease. Alzheimer's disease is expected to affect 5.8 million Americans age 65 and older in 2020. Over 75s make about 80% of the population. One in ten persons over the age of 65 who have Alzheimer's disease (10%). In the US, women make up around two thirds of Alzheimer's sufferers. Additional factors contributing to the region's expansion include growing government programmes and financing as well as an increase in neurological illnesses including dementia, Alzheimer's disease, and Parkinson's disease.
Nerve Repair and Regeneration Market Report Scope:
|Market Revenue in 2023
|USD 12.06 Billion
|Projected Forecast Revenue in 2030
|USD 24.9 Billion
|Growth Rate from 2022 to 2030
|CAGR of 10.92%
|2022 To 2030
|North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa
The prevalence of neurological diseases is increasing, and there is a significant need for items that may heal and regenerate damaged nerves. The elderly population is increasing on a global scale. Due to the large ageing population base, as well as the extremely high frequency as well as incidence of nerve-related ailments among them, the market is growing. The government's funding of research into neurological disorders further accelerates the market's growth rate.
There are several difficult factors the market must deal with that slow its rate of expansion. There are not enough qualified individuals available to perform neurological procedures due to the wide disparity between demand and availability of neurologists worldwide. It is a big worry that the nerves of donor frequently experience tissue morbidity. It is challenging to use neural conduits to correct nerve gaps longer than 3 cm. Depending on the application, nerve repair and regeneration products like neurostimulation and neuromodulation devices come under Class 2 or Class 3 medical devices, and their clearance and introduction into the US market require premarket notice through 510(k) process. The time needed for FDA internal reviews and expedited 510(k) clearances has been shown to rise over the past several years, which has made it more difficult for market participants to launch their goods. Because of the lack of knowledge about items that may heal and regenerate damaged nerves, pharmacological therapies are preferred above other treatments for neurological illnesses. The market has also been adversely affected by the many medicinal supply and consumable product recalls that have been widely reported recently.
Growing numbers of elderly people, who are more prone to such conditions, and an increase in nerve injuries are driving the market's expansion. For the quick detection and treatment of neurological problems, hospitals, surgical centres, and other healthcare institutions throughout the world are offering cutting-edge nerve repair and regeneration options. For the successful repair and replacement of damaged tissues in the central nervous system, exogenous neural stem cell transplantation and neural repair are the two main applications of stem cells. The market is expected to rise as a result of factors such as growing healthcare costs for the general public and major advances in medical infrastructure, particularly in developing nations. All different types of axons that make up the peripheral nervous system travel along peripheral nerves. These nerves are frequently injured because of their poor physical protection and exposed locations throughout the human body.
On a worldwide basis, there is a significant shortage of trained healthcare professionals. India is having a difficult time finding skilled healthcare providers due to acute shortages and unequal distribution. About 25% of currently hired health professionals, according to the World Health Organization, do not have the required qualifications. As the demand for healthcare services rises and the industry embraces new technologies, their capacity to deploy nerve repair and regeneration technology is further constrained by a lack of digitally qualified experts. The Covid-19 pandemic has also demonstrated how vital medical, surgical, interventional, and interventional diagnostic services for other illnesses, such neurological disorders, directly compete with the healthcare resources committed to managing pandemics in urban and rural locations.
Major Key Players:
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